Billionaire Giants owner James Tisch continues the city for $ 2 million after the townhouse of $ 21 million is flooded with sewage
The billionaire-heir of the Loews fortune who now serves as CEO of the company and his wife, is the name in a lawsuit filed by their insurance company against New York City after the sewer had flooded their home.
James and Merryl Tisch are mentioned as prosecutors in the complaint filed Monday with the Supreme Court of New York by the Chubb Indemnity Insurance.
The couple claim that their home on 926 Fifth Avenue – for which they paid $ 21 million for a 49-year lease and additionally $ 37,500 each month – became a toxic swamp due to the town's mismanagement by the sewage system.
As a result, Chubb is forced to settle $ 1,891,937.80 in claims filed by the couple.
Fortunately for the couple, they had bought a $ 32 million apartment just down the street, shortly before their Beaux Arts house turned into a latrine.
S *** hits the fan: Chubb indemnity insurance and James and Merryl Tisch (above in 2012) filed a lawsuit against the city of New York after the sewage water had put their mansion under water
Location: The couple paid $ 21 million for a 49-year lease on 926 Fifth Avenue (mansion on the left), where they also pay $ 37,500 each month
& # 39; On or about October 29, 2017, the prosecutors of the prosecutor discovered a drainage backup in their cellar and basement & # 39 ;, said the complaint that was filed on Monday.
Then the claimants of the plaintiff filed a claim for compensation with CHUBB under its insurance policy [redacted] issued by CHUBB with respect to the aforementioned premises and property. & # 39;
It goes on: & # 39; CHUBB paid the claim to date to date with an amount of $ 1,891,937.80 and was subrogated in the rights of the Claimant of the Claimant against the accused. & # 39;
The Department of Environmental Protection is also listed as a suspect in the case in addition to the city of New York.
It is argued that the defendants not only manage the sewer system incorrectly and flood the basement, but also do not warn the couple or address the case in time.
This complaint was filed after the defendants refused to cover the amount of the claim when the document was sent by CHUBB more than a year ago according to the court complaint.
New excavations: a year prior to the flooding of their house in 2017, the couple had paid $ 32 million for an apartment just a few blocks away (interior of Fifth Avenue apartment)
Dry land: the complaint requires the city to cover part of the $ 1,891,937.80 in claims filed by the couple in connection with sewage that has flooded their basement (Tisches apartment above)
Lifestyles of the rich and famous: he and Merryl, who used to be the chancellor for the New York State Council of Regency, also own a $ 15 million compound in northern New York (top)
& # 39; On or about December 1, 2017 claimants submit in writing a Notice of Claiming, sworn by an officer of plaintiffs that contains the name and address of claimants, the nature of the claim, the time when, the place where and the way in which the claim arose and a claim for damages was allegedly supported, in so far as practicable, in accordance with the General Municipalities Act, "the complaint reads.
& # 39; Defendants have failed to adjust the claim and make payments to the claimants. & # 39;
Coincidentally, the Tisches had bought the $ 32 million amount previously owned by Edgar Bronfman in the building where Jackie Onasis lived during her final years, a year before the sanitation of their property.
The five-bedroom and four-and-a-bathroom co-operative is located across the street from the Metropolitan Museum of Art and is located on the tenth floor, far above the sewer system of the city.
There is no word in the lawsuit about how it goes in the five-storey 12,000-square-meter mansion, which was built at the beginning of the 20th century.
James, who also partly owns the New York Giants, and Merryl, who was formerly the Chancellor of the New York State Board of Regents, also have a $ 15 million compound in northern New York.